70-23-206. No binding contract until purchaser has received final report. (1) The developer or any other person offering any unit in a condominium project prior to completion of its construction shall not enter into a binding contract or agreement for the sale or resale thereof until:
     (a) a true copy of the department's final report thereon with all supplementary reports has been given to the prospective purchaser;
     (b) the prospective purchaser has been given an opportunity to read the reports; and
     (c) the prospective purchaser executes a receipt for the reports.
     (2) Receipts taken for any report shall be kept on file in possession of the developer, subject to inspection at a reasonable time by the department for a period of 3 years from the date the receipt was taken.

     History: En. 67-2303.6 by Sec. 8, Ch. 150, L. 1973; R.C.M. 1947, 67-2303.6.